This version of TaxCycle updates T1/TP1 and T3 forms to the latest version from the Canada Revenue Agency (CRA) and Revenu Québec.
To install this version immediately, download the full installer from our website or request a free trial. Once we enable the automatic update for this version, TaxCycle will prompt you to install it according to the priority set in your TaxCycle Options. (To deploy auto-update files from your network, see the Auto-Update Files page.)
At the CRA’s request, we have disabled the ability to print any returns that have capital gains or losses. This functionality will be restored in a later release once the CRA’s systems are ready and the CRA certifies TaxCycle for any forms that are related to capital gains or losses.
You may transmit T1 and TP1 returns by EFILE and NetFile as long as they do not contain capital gains or losses.
This release removes the Preview watermark from the following forms:
Several forms still show the Preview watermark as we finalize them. Future releases will allow for transmitting returns subject to tax in multiple provinces (T2203), for emigrants, deemed residents (section 250) and non-residents filing under section 116, as well as those that use form T1198, Statement of Qualifying Retroactive Lump-Sum Payment.
At the CRA’s request, we have disabled the ability to print any returns that have capital gains or losses. This functionality will be restored in a later release when the CRA acceptance system has been updated and all forms pertaining to capital gains have been finalized.
You can continue to transmit T3 returns via EFILE and T3 slips via Internet File Transfer (XML) as long as they do not contain any capital gain amounts.
This release updates the following forms to the latest version from the CRA:
Forms that have not been finalized by the CRA will continue to show the Preview watermark.
Please note the following change to the S9WS Allocation worksheet if you are doing early data entry for returns with capital gains:
Box 21 of the S9WS now separates capital gains dispositions into different periods. By default, TaxCycle enters the taxable capital gains in the first three Period 1 boxes, which also function to calculate the total of all taxable capital gains available and the detailed Period 1 amounts. If you need to report amounts for Period 2, enter them in the applicable Period 2 boxes.
As of this release, the following 2023 to 2024 carryforwards are up to date. However, we strongly recommend you only perform batch carryforward on tax modules that are ready for filing in the list, below. We anticipate the rest of the modules will be finalized in March.
Ready for batch carryforward:
Wait for batch carryforward:
